et Operating losses (Only Carryforwards) Question 60 of 75. When should the alternative minimum tax net operating loss (NOL) be computed? Any time there is an NOL and the taxpayer's AGI is greater than $150,000. Any time a casualty or theft loss has occurred which can be carried forward three or more years. O Any time a taxpayer has any minimum tax adjustments or preference items in the loss year or in any year s carried. Whenever the taxpayer's AGI is greater than $150,000. Mark for follow up Question 61 of 75. Once a Tax Professional has determined that the taxpayer has a net operating loss (NOL) from a farm what is the next step for claiming an NOL? Mark for follow up Question 61 of 75. Once a Tax Professional has determined that the taxpayer has a net operating loss (NOL) from a farming business what is the next step for claiming an NOL? Either carry the NOL back or waive the carryback period and carry forward the NOL. O Determine the amount of the taxpayer's unused NOL. Deduct the NOL in the carryback or carryforward year. Carry over the unused NOL to the next carryback or carryforward year. Mark for follow up Back Save / Return Later Summary Next >>